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XKEM is up 10% on the day, but the story below was released this morning. Is this a good time to get in or should I wait for it to make a move?
Xechem Announces Significant Progress in the Development of Its Sickle Cell Disease Drug NICOSAN/ HEMOXIN 06:00 a.m. 02/17/2005 Provided by BUSINESS WIRE
NEW BRUNSWICK, N.J., Feb 17, 2005 (BUSINESS WIRE) -- Xechem International Inc. (XKEM) today announced significant progress in its development efforts for NICOSAN(TM)/ HEMOXIN(TM), a natural product extract which shows promise in the treatment of Sickle Cell Disease (SCD). Xechem has an exclusive world-wide license for the development and sale of NICOSAN(TM)/ HEMOXIN(TM) from the National Institute for Pharmaceutical Research and Development (NIPRD), Abuja, government of Nigeria, which holds the patent.
Through its subsidiary, Xechem Pharmaceuticals Nigeria Limited, Xechem recently signed a long-term lease for a production facility on approximately 9 acres of land at nominal cost within Nigeria's scientific complex on land owned by Sheda Science and Technology Complex, Abuja, a parastatal of the Federal Ministry of Science and Technology, Abuja, Nigeria. Xechem Nigeria is in the process of expanding this into a self-sufficient four-building complex for the commercial production of NICOSAN(TM) / HEMOXIN(TM). Much of the equipment necessary for the production has been purchased or is in the process of fabrication, with a scheduled launch of the project in the second half of 2005, for sale initially in the Nigerian market.
According to Dr. Ramesh C. Pandey, Chairman & CEO of Xechem, "We are working hard to bring NICOSAN(TM) / HEMOXIN(TM) to market initially in Nigeria and subsequently in the United States and other countries. There are approximately 4,000,000 people afflicted with Sickle Cell Disease in Nigeria alone, and development of this product is a major initiative of the Nigerian government, which has shown tremendous support for our efforts. The Nigerian market alone represents potential revenue in excess of $500,000,000 for the company. Xechem was prominently mentioned several times in the state of the union address by the Nigerian President late in 2004. There still remain additional hurdles in bringing this product to market including the need to raise additional funding for the full cost of buildout, equipping and start up of the facility. A number of initiatives are presently underway to address Xechem's financing needs. The company has developed small-scale formulations, which have shown efficacy in the treatment of the disease, and must further refine and standardize this formulation for consistent production scale quantities sharing uniform active ingredients. We are encouraged that we will find the resources to overcome remaining hurdles."
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I was thinking about starting a thread on this. Looks like a very promising June, and possibly July. I think today and tomorrow may both present good opps to enter.
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